Financial Statements - Mewah Group

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MEWAH INTERNATIONAL INC. ANNUAL REPORT 2011 Notes to the Financial Statements For the financial year ended 31 December 2011 11. Income tax (credit)/expense (continued) The weighted average applicable tax rate was 19.3% and 17.6% for the financial years ended 31 December 2011 and 31 December 2010 respectively. The changes in weighted average applicable tax rates arose from changes in the mix of income subject to tax in different countries. The weighted average effective tax rate was 12.8% and 13.8% for the financial years ended 31 December 2011 and 31 December 2010 respectively. The tax savings arise mainly from the following tax incentives: - certain subsidiaries in Singapore pay tax at a concessionary tax rate of 5% on qualifying income under the Global Trader Programme of International Enterprise Singapore; and - certain subsidiaries in Malaysia entitled to reinvestment allowance, which allows additional allowance on qualifying capital expenditure. (Over)/under provision in prior financial years Overprovision in prior financial years resulted from final tax outcome different from the amounts that were originally estimated consisting of: - US$4,696,000 on account of lower tax rate approved this year under Global Trader Programme for Singapore-based operating subsidiaries impacting income tax relating to last year; and - US$1,292,000 mainly due to reinvestment allowances on qualifying capital expenditure for Malaysian-based operating subsidiaries. 12. Earnings per share Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company for the relevant periods by the weighted average number of ordinary shares outstanding during the financial year. Group 2011 2010 Net profit attributable to equity holders of the Company (US$’000) 42,245 92,352 Weighted average number of ordinary shares outstanding for basic earnings per share (’000) (Note (i)) 1,507,061 1,304,537 Basic earnings per share (US cents per share) 2.80 7.08 (i) The earnings per share for the financial year ended 31 December 2011 and 2010 were computed based on weighted average number of shares adjusted to take into account the subdivision and issue of new ordinary shares. The Company’s pre-invitation capital of 1,281,002,440 shares were assumed to be issued throughout the relevant periods. Diluted earnings per share was the same as the basic earnings per share for the financial years ended 31 December 2011 and 2010 as there were no potential dilutive ordinary shares outstanding. 80
Building Capabilities Notes to the Financial Statements For the financial year ended 31 December 2011 13. Inventories Group 2011 2010 US$’000 US$’000 Raw materials 92,899 37,542 Finished goods 206,254 200,144 Stores, spares and consumables 8,337 5,095 307,490 242,781 The cost of inventories recognised as an expense and included in “cost of sales” amounted to US$4,212,598,000 (2010: US$3,280,599,000). Inventories of US$Nil (2010: US$58,037,000) of the Group have been pledged as security for bank facilities of the Group (Note 24(a)). Inventories include US$252,277,000 (2010: US$179,637,000) readily marketable inventories, which are agricultural commodity inventories that can be readily converted to cash due to their commodity nature, international pricing mechanism and widely available markets. 14. Trade receivables Group 2011 2010 US$’000 US$’000 Trade receivables 432,200 443,500 Less: Allowance for impairment of trade receivables (21,237) (16,391) Trade receivables - net 410,963 427,109 Trade receivables included US$19,735,000 (2010: US$8,631,000) due from related parties. Related parties are companies in which the directors/shareholders of the Company have significant influence or control. 81
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Financial Statements - Mewah Group

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